Welcome to the February 18th, 2022, edition of the Decentral Weekly Crypto News Wrap-Up, where Neil and Em explore cryptocurrency news headlines and work diligently to answer one important question: “Is this a thing?”
Should we go ahead and call this the Super Bowl crypto news wrap-up? Crypto was front and center in the past week. This week’s crypto news headlines include: Coinbase’s unconventional ad, Larry David joining forces with FTX, crypto romance scams, and more.
Coinbase and the unconventional QR code ad
Coinbase remains one of the biggest and most influential companies in the cryptocurrency space, so it’s only right they had their own Super Bowl ad. Instead of nabbing an A-list actor to help them reach the masses, they did something else entirely.
The Super Bowl ad was a QR code floating around on a black screen for 60 seconds. Was this a screensaver or a commercial? While many on social media thought the ad was confusing, it was successful. The Coinbase app crashed because of the ad’s popularity, and Coinbase stock is reacting favorably. The issues only lasted for several minutes.
Was this ad a runaway success, and do the numbers speak for themselves? Should the community be paying attention to criticisms about oversaturation?
Neil says:
Yeah, this was genius. Coinbase got about 20 million hits in a minute, and it wasn’t the kind of commercial that tries to get you to embrace crypto. If you want to scan the QR code, you can. They could have hired a movie star and spent (more) millions on production, but they went the unconventional route and it was incredibly successful. I can only salute it.
Em says:
Haha, well, divisive things get people’s attention. From a marketing perspective, I think it was a good play. But it’s worth pointing out that I detest QR codes and would not have scanned it out of pure spite! When I go to restaurants and I have to scan a thing to get the menu, I’m physically enraged… but that’s just me. 😀
Bottom line:
Neil thinks this was a genius thing, Em is less impressed.
Who do you agree with?
Larry David stars in an FTX commercial
FTX continues to be a cryptocurrency exchange that knows how to skyrocket to the top, and we discussed their expansion into Asia last week. Now, FTX is making headlines because its Super Bowl commercial featured Larry David, a comedy legend who had never appeared in a commercial before.
David is known for the contrarian character he plays on Curb Your Enthusiasm, a fictional series inspired by his real life. In the commercial, David plays a time-traveling skeptic who doesn’t seem to ever believe in some of the most powerful discoveries in human history. The commercial ends with him remaining skeptical about cryptocurrency.
What did you think of the Larry David commercial?
Neil says:
Yeah… I should put a disclaimer that I’m a pretty big Larry David fan. He’s famous for playing a contrarian skeptic, and it worked really well here. The fact that FTX got Larry David to do his first commercial… and he’s talking positively about the experience… definitely a win for FTX.
Em says:
I loved it. It perfectly fit Larry David’s persona, and it was very funny. Good build up, good punchline, great marketing. I can see why it irked people if they don’t like Larry or don’t like crypto but whatever, I thought it was hilarious.
Bottom line:
Neil thinks Larry can do no wrong, Em thinks it was well-executed.
Who do you agree with?
Binance invests in Forbes
When you think about cryptocurrency, you might think about the future: a world where life is a bit more decentralized, and there are less intermediaries with respect to your finances, identity, and even real estate. You probably aren’t thinking about legacy media at all.
Well, it looks like Binance is certainly interested in media, because it’s making a $200 million strategic investment in Forbes. Forbes is also planning its own SPAC, and many believe that this is part of Binance’s bigger initiative for Web 3.0 content generation.
Is this a smart move, or is this the kind of investment that should be met with more scrutiny? Is Forbes going to lean more pro-crypto now?
Neil says:
I could see how this would be criticized, but I mean… Bezos owns the Washington Post. If we are being honest, a lot of Forbes articles are pro-crypto regardless. I think it’s a smart move on Binance’s part, and it’s a bit amusing when you consider that Binance wanted to sue Forbes at one point. Either way – if Binance has a major scandal, I guess no one should expect Forbes to remain neutral.
Em says:
I think this story is also hilarious. The fact that legacy media pretends to be objective but can literally be bought — and that’s exactly what Binance is doing — is so full of irony that it puts a giant smile on my face. These are the things crypto companies should be doing.
Bottom line:
Neil thinks this is a standard thing, Em thinks it’s an ironic thing.
Who do you agree with?
The infamous crypto laundering couple
It’s a good thing that the Super Bowl happened when it did because most cryptocurrency headlines were talking about an interesting couple. Heather Morgan and Ilya Lichtenstein were arrested for laundering money from the infamous Bitfinex hack.
Ok – so a couple of people were arrested for being shady. What’s the big deal? Well, the couple was able to launder a staggering $4.5 billion dollars worth of Bitcoin. It’s now officially the largest financial seizure in the history of the Department of Justice.
Morgan was also a rapper, and many of her music videos were shared on social media after news of the arrest broke. Morgan performed under the moniker “Razzlekhan.” Netflix announced a new series involving the Bitfinex hack.
Is this bad PR for crypto, or is this more about the fact that crypto will always be home to people trying to game the system? There are strange details about the story that make it interesting, but will it fade out over time?
Neil says:
This was a massive story on social media, but it already looks like the story has faded away thanks to the Super Bowl ads. It’s pretty fascinating, and I can see why Netflix swooped in. I mean, check out some of Razzlekhan’s rap videos. Is this a major scandal? Eh. I think people will forget about it completely by next month.
Em says:
Oof. This is rough. Of course, we know that crime happens and criminals still exist. If crypto exists, bad guys will try to take advantage. But I think that’s unavoidable. Skeptics of crypto are going to be skeptical and the people who like it still like it … and the criminals still do crime.
Bottom line:
Both Neil and Em agree this is a “crime” thing, not a crypto thing.
We have a consensus! Do you agree?
Russia backs off a crypto ban
Russia hasn’t exactly embraced cryptocurrency, even recently suggesting that it would ban crypto in general. It looks like the country is deciding to regulate crypto instead of ban it, a move that is sure to be applauded by crypto investors and enthusiasts. The regulations are likely to take effect in either late 2022 or early 2023.
Policymakers are expected to introduce new legislation to help oversee crypto as a currency. This move is also significant because Russia is home to around 11% of all Bitcoin mining operations. India recently changed its tune regarding crypto, after once threatening to ban cryptocurrency altogether. Transactions over 600,000 rubles (around $8,000 USD) will have to be declared.
Regulation is obviously better than a ban. Do you think this helps force the hand of the United States and other countries, as in “If Russia can start regulating, you can, too”?
Neil says:
Yeah, I think the fact that countries like India and Russia are backing down from crypto bans kind of says it all. I do think that when other major countries are figuring out what to do, the United States is pressured to take more initiative and offer some concrete regulation.
Em says:
Yes, we expect this kind of stuff out of Russia. And there could be a whole debate about what countries are doing the best/worst or are slowest/fastest adapting to and regulating crypto. But honestly, there are bigger fish to fry. The Ukraine situation is much more worrying than whether an authoritarian government is trying to regulate your BTC.
Bottom line:
Neil thinks this is a thing, Em thinks there are bigger fish to fry.
Who’s side are you on?
Bad idea of the week: Watch out for romance scams
Loneliness can be tough to deal with, but it’s better than losing all your money. Romance scammers in particular are turning to crypto, making off with about $139 million last year.
The number of romance-related frauds that were reported to the FTC rose around 70% in 2021.
In other words, criminals are relying on romance-related scams more than ever before. A recent documentary on Netflix, Tinder Swindler, detailed the adventures of Shimon Hayut, a conman who duped several women into sending him money after meeting them on Tinder.
The scammers will feign love interest in individuals but eventually ask for money. Their method varies, with some scammers claiming they need money for an emergency. Other cybercriminals claim to be financial experts who can help victims invest in the crypto markets.
If you take anything away from this crypto news-wrap up: don’t send crypto to the person you’re talking to over the Internet, and take some real steps towards protecting your crypto holdings!
Stay away from anyone on dating apps asking you for money. Is this a bad look for crypto in general – or is this more about the fact that people are lonelier during the pandemic?
Neil says:
Romance scams have existed for centuries. The fact that crypto is involved makes sense – there’s more privacy than saying “Hey, send that money to this bank account.” I think scammers are always trying to find some kind of angle, and it’s easy to see how romance scams would become more popular during a pandemic where more people feel lonely. It’s that simple – it’s more about loneliness than crypto.
Em says:
I know everyone just wants to be loved. But please, for the love of God, learn to recognize scams. The internet is a wonderful and dangerous place. Maybe just get back in church and meet someone that way if it’ll save you from a romance scammmm :’(
Bottom line:
Neil thinks romance scams have always been around, Em thinks you should go back to church and find someone more wholesome (and less scammy!).
What do you think?
Meme of the week
As always, Em brings you this beloved meme of the week:
And that’s our crypto news wrap-up!
What was your favorite Super Bowl crypto ad, or did you find any of them a bit cringe? Are you thinking about setting up an NFT portfolio now that the markets are looking a bit better? No matter how lonely your Valentine’s Day was – don’t send your Bitcoin to someone you never met, even if they text you back quickly.
Make sure to tweet us your thoughts/opinions/perspectives at @decentralpub with the hashtag #weeklycryptonews on Twitter.
